olivLaw · US equity research
AutoZone, Inc. AZO
Retail-Auto & Home Supply Stores · SIC 5531 · Vertical: Retail-Auto & Home Supply Stores (SIC 5531)
AutoZone is a leading retailer and distributor of auto parts and accessories in the Americas, with more than 8,000 stores in the US, Mexico and Brazil. It matters now because vehicles keep getting older, the commercial (repair-shop) segment is growing faster than the do-it-yourself business, and fourth-quarter gross margin includes a one-off tariff refund, so it is not a clean baseline.
At the close of 04 Nov 2026, AutoZone, Inc. (AZO) stock was 3,325.56 USD (+3.92% on the day), with market capitalisation 53.5 bn USD, P/E 21.8 on diluted EPS of 152.55 USD over the last 12 months, beta 0.21, 52-week range 2,792.03–3,967.95 USD. Latest reported quarter (Q4 2026): revenue of 6.6 bn USD (+5.6% YoY), net income of 931.6 m USD (+11.3% YoY), diluted EPS 56.06 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 67.6
- strong (55–70)
- Bollinger (20, 2)
- 2,852.81 – 3,366.79
- in the upper half of the band · %B 0.92 · band width 16.5%
- SMA 50 / 200
- 2,979.71 / 3,257.67
- mixed trend
- MACD (12, 26, 9)
- 83.34 / 70.85
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +18.4% | −1.1% | +19.5 pp | — |
| 3 months | +8.5% | −0.5% | +8.9 pp | — |
| 6 months | −6.1% | +4.4% | −10.5 pp | — |
| Year to date | −1.9% | +12.3% | −14.3 pp | — |
| 1 year | −9.5% | +13.5% | −23.1 pp | −2.2% |
| 3 years | +29.2% | +76.4% | −47.2 pp | −0.1% |
| 5 years | +82.9% | +63.7% | +19.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 29 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.3 bn | 4.0 bn | 4.5 bn | 6.2 bn | 4.6 bn | 4.3 bn | 4.8 bn | 6.6 bn |
| Cost of revenue | 2.0 bn | 1.8 bn | 2.1 bn | 3.0 bn | 2.3 bn | 2.0 bn | 2.3 bn | 3.1 bn |
| Gross profit | 2.3 bn | 2.1 bn | 2.4 bn | 3.2 bn | 2.4 bn | 2.2 bn | 2.5 bn | 3.5 bn |
| SG&A | 1.4 bn | 1.4 bn | 1.5 bn | 2.0 bn | 1.6 bn | 1.5 bn | 1.6 bn | 2.2 bn |
| Operating income | 841.1 m | 706.8 m | 866.2 m | 1.2 bn | 784.2 m | 698.5 m | 923.8 m | 1.3 bn |
| Depreciation & amortisation | 133.2 m | 137.9 m ≈ | — | — | 148.2 m | 155.6 m ≈ | — | — |
| Pre-tax income | 733.5 m | 597.9 m | 754.9 m | 1.0 bn | 677.9 m | 591.3 m | 813.3 m | 1.2 bn |
| Income tax | 168.6 m | 110.0 m | 146.4 m | 211.0 m | 147.1 m | 122.4 m | 171.8 m | 236.6 m |
| Net income | 564.9 m | 487.9 m | 608.4 m | 837.0 m | 530.8 m | 468.9 m | 641.5 m | 931.6 m |
| Diluted EPS | 32.52 | 28.29 | 35.36 | 48.72 ≈ | 31.04 | 27.63 | 38.07 | 56.06 ≈ |
| Operating cash flow | 811.8 m | 583.7 m ≈ | — | — | 944.2 m | 373.4 m ≈ | — | — |
| Capex | 247.0 m | 292.7 m ≈ | — | — | 314.2 m | 337.8 m ≈ | — | — |
| Share repurchases | 540.1 m | 326.4 m ≈ | — | — | 427.2 m | 314.5 m ≈ | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 88 percentile of its own 34-quarter history (min 12.0, median 18.1, max 29.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.9 bn | 12.6 bn | 14.6 bn | 16.3 bn | 17.5 bn | 18.5 bn | 18.9 bn | 20.3 bn |
| Revenue YoY | +5.7% | +6.5% | +15.8% | +11.1% | +7.4% | +5.9% | +2.4% | +7.4% |
| Net income | 1.6 bn | 1.7 bn | 2.2 bn | 2.4 bn | 2.5 bn | 2.7 bn | 2.5 bn | 2.6 bn |
| Net income YoY | +20.9% | +7.2% | +25.2% | +11.9% | +4.1% | +5.3% | −6.2% | +3.0% |
| Diluted EPS | 63.43 | 71.93 | 95.19 | 117.19 | 132.36 | 149.55 | 144.87 | 152.55 |
| Diluted EPS YoY | +30.1% | +13.4% | +32.3% | +23.1% | +12.9% | +13.0% | −3.1% | +5.3% |
| net % | 13.6% | 13.7% | 14.8% | 14.9% | 14.5% | 14.4% | 13.2% | 12.6% |
| Free cash flow | 1.6 bn | 2.3 bn | 2.9 bn | 2.5 bn | 2.1 bn | 1.9 bn | 1.8 bn | 1.8 bn |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2026 · 29 Aug 2026
- Cash
- 326.1 m USD
- Financial debt
- 9.1 bn USD
- Net debt
- 8.8 bn USD
- Equity
- -2.5 bn USD
- Total assets
- 21.6 bn USD
- Debt / equity
- unavailable
- Current ratio
- 0.90x
- ROE
- unavailable
- ROA
- 12.6%
- FCF margin
- 8.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 14.6 bn | 16.3 bn | 17.5 bn | 18.5 bn | 18.9 bn | 20.3 bn | SEC (XBRL)· 26 Oct 2026verified |
| Cost of revenue | 6.9 bn | 7.8 bn | 8.4 bn | 8.7 bn | 9.0 bn | 9.7 bn | SEC (XBRL)· 26 Oct 2026verified |
| Gross profit | 7.7 bn | 8.5 bn | 9.1 bn | 9.8 bn | 10.0 bn | 10.6 bn | SEC (XBRL)· 26 Oct 2026verified |
| SG&A | 4.8 bn | 5.2 bn | 5.6 bn | 6.0 bn | 6.4 bn | 6.9 bn | SEC (XBRL)· 26 Oct 2026verified |
| Operating income | 2.9 bn | 3.3 bn | 3.5 bn | 3.8 bn | 3.6 bn | 3.7 bn | SEC (XBRL)· 26 Oct 2026verified |
| Depreciation & amortisation | 407.7 m | 442.2 m | 497.6 m | 549.8 m | 613.2 m | 684.3 m | SEC (XBRL)· 26 Oct 2026verified |
| EBITDA | 3.4 bn ≈ | 3.7 bn ≈ | 4.0 bn ≈ | 4.3 bn ≈ | 4.2 bn ≈ | 4.4 bn ≈ | SEC (XBRL)· 26 Oct 2026derived |
| Interest expense | 202.3 m | 198.9 m | 320.1 m | 465.2 m | 490.0 m | 490.2 m | SEC (XBRL)· 26 Oct 2026verified |
| Pre-tax income | 2.7 bn | 3.1 bn | 3.2 bn | 3.3 bn | 3.1 bn | 3.3 bn | SEC (XBRL)· 26 Oct 2026verified |
| Income tax | 578.9 m | 649.5 m | 639.2 m | 674.7 m | 636.1 m | 677.9 m | SEC (XBRL)· 26 Oct 2026verified |
| Net income | 2.2 bn | 2.4 bn | 2.5 bn | 2.7 bn | 2.5 bn | 2.6 bn | SEC (XBRL)· 26 Oct 2026verified |
| Diluted EPS | 95.19 | 117.19 | 132.36 | 149.55 | 144.87 | 152.55 | SEC (XBRL)· 26 Oct 2026verified |
| Weighted average diluted shares | 22.8 m | 20.7 m | 19.1 m | 17.8 m | 17.2 m | 16.9 m | SEC (XBRL)· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.2 bn | 264.4 m | 277.1 m | 298.2 m | 271.8 m | 326.1 m | SEC (XBRL)· 26 Oct 2026verified |
| Receivables | 378.4 m | 504.9 m | 520.4 m | 545.6 m | 670.1 m | 755.0 m | SEC (XBRL)· 26 Oct 2026verified |
| Current assets | 6.4 bn | 6.6 bn | 6.8 bn | 7.3 bn | 8.3 bn | 9.1 bn | SEC (XBRL)· 26 Oct 2026verified |
| Property, plant & equipment, net | 4.9 bn | 5.2 bn | 5.6 bn | 6.2 bn | 7.1 bn | 8.1 bn | SEC (XBRL)· 26 Oct 2026verified |
| Goodwill | 302.6 m | 302.6 m | 302.6 m | 302.6 m | 302.6 m | 302.6 m | SEC (XBRL)· 26 Oct 2026verified |
| Total assets | 14.5 bn | 15.3 bn | 16.0 bn | 17.2 bn | 19.4 bn | 21.6 bn | SEC (XBRL)· 26 Oct 2026verified |
| Accounts payable | 6.0 bn | 7.3 bn | 7.2 bn | 7.4 bn | 8.0 bn | 8.6 bn | SEC (XBRL)· 26 Oct 2026verified |
| Long-term debt | 5.3 bn | 6.1 bn | 7.7 bn | 9.0 bn | 8.8 bn | 9.1 bn | SEC (XBRL)· 26 Oct 2026verified |
| Current liabilities | 7.4 bn | 8.6 bn | 8.5 bn | 8.7 bn | 9.5 bn | 10.1 bn | SEC (XBRL)· 26 Oct 2026verified |
| Equity | -1.8 bn † | -3.5 bn † | -4.3 bn † | -4.7 bn † | -3.4 bn † | -2.5 bn † | SEC (XBRL)· 26 Oct 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 3.5 bn | 3.2 bn | 2.9 bn | 3.0 bn | 3.1 bn | 3.2 bn | SEC (XBRL)· 26 Oct 2026verified |
| Capex | 621.8 m | 672.4 m | 796.7 m | 1.1 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 26 Oct 2026verified |
| Free cash flow | 2.9 bn ≈ | 2.5 bn ≈ | 2.1 bn ≈ | 1.9 bn ≈ | 1.8 bn ≈ | 1.8 bn ≈ | SEC (XBRL)· 26 Oct 2026derived |
| Investing cash flow | -601.8 m | -648.1 m | -876.2 m | -1.3 bn | -1.4 bn | -1.4 bn | SEC (XBRL)· 26 Oct 2026verified |
| Financing cash flow | -3.5 bn | -3.5 bn | -2.1 bn | -1.7 bn | -1.7 bn | -1.8 bn | SEC (XBRL)· 26 Oct 2026verified |
| Share repurchases | 3.4 bn | 4.4 bn | 3.7 bn | 3.1 bn | 1.6 bn | 2.0 bn | SEC (XBRL)· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 46 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 53.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet59
- Growth38
- Quality71
- Returns54
- Valuation28
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1,441.80 – 2,621.67 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)1,441.80 – 2,621.67 (Mid 1,888.51)WACC 8.6% · starting FCFF 2.2 bn USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 27.2%
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
- ORLY — direct competitor: DIY + professional auto parts retail, same store and hub model
- AAP — direct competitor; restructuring (losses, store closures), multiples may be missing
- GPC — NAPA (auto parts) is only part of it; also Motion industrial distribution — partial comparability
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 46/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 12.6% | 84 (on a fixed band) | 7% |
| FCF conversion · Quality | 70.6% | 58 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 5.2% | 44 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | 4.8% | 32 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 2.0x | 58 (on a fixed band) | 12% |
| Interest coverage · Balance sheet | 7.6x | 94 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 0.9x | 8 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 21.8x | 37 (on a fixed band) | 12% |
| EV/EBITDA · Valuation | 14.1x | 8 (on a fixed band) | 12% |
| FCF yield · Valuation | 3.4% | 42 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 3.8% | 54 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet59/100 · 3/3 factors with a value
- Growth38/100 · 2/2 factors with a value
- Quality71/100 · 2/3 factors with a value
- Returns· partial54/100 · 1/2 factors with a value
- Valuation28/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AutoZone, Inc. (AZO). Latest full fiscal year: 2026; data up to 2026-08-29.
Figures computed from the financial statements: revenue 20.3 bn USD in 2026; YoY growth 7.4%; net margin 12.6%; net debt/EBITDA 2.0x.
The estimated value range is 1,441.80–2,621.67 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1,888.51 USD, the price of 3,325.56 USD leaves a potential of -43.2% (value / price − 1) and a margin of safety of -76.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 46/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 12.6%
- Interest coverage: 7.6x
What contradicts it
- Current ratio: 0.9x
- EV/EBITDA: 14.1x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Payout ratio (FCF).
Versus the vertical median
Retail-Auto & Home Supply Stores (SIC 5531) · same industry (4-digit SIC) · compared with 5 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ORLYO Reilly Automotive Inc | 74.7 bn | 29.4 | — | 14.3% | +6.4% | −9% / +41% |
| AZOAutoZone, Inc. | 53.5 bn | 21.8 | — | 12.6% | +7.4% | −10% / +29% |
| AAPAdvance Auto Parts, Inc. | 3.1 bn | 36.1 | 3.8% | 1.0% | unavailable | −2% / −0% |
| HZOMarinemax Inc | 1.2 bn | 375.5 | 0.4% | 0.2% | −5.0% | +125% / +77% |
| PRTSCarparts.com, Inc. | 62.2 m | — | -35.4% | -4.0% | unavailable | +42% / −75% |
| ONEWOneWater Marine Inc. | 10.6 k | — | -35.9% | -6.7% | +5.6% | −13% / −60% |
1- and 3-year price returns: for AZO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 2,074.83 Total return -38% · Per year -38% | 3,666.88 Total return 10% · Per year 10% | 5,521.61 Total return 66% · Per year 66% |
| 3 years | 2,043.08 Total return -39% · Per year -15% | 4,060.01 Total return 22% · Per year 7% | 6,708.40 Total return 102% · Per year 26% |
| 5 years | 2,011.81 Total return -40% · Per year -10% | 4,495.28 Total return 35% · Per year 6% | 8,150.26 Total return 145% · Per year 20% |
- Exit P/E± 1,015.00
- Net margin± 710.50
- Annual revenue growth± 579.20
- Annual dilution± 59.70
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 26 Oct 2026 · Model: claude-sonnet-5-5.
In brief
AutoZone is a leading retailer and distributor of auto parts and accessories in the Americas, with more than 8,000 stores in the US, Mexico and Brazil 1. It matters now because vehicles keep getting older, the commercial (repair-shop) segment is growing faster than the do-it-yourself business, and fourth-quarter gross margin includes a one-off tariff refund, so it is not a clean baseline 12.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Tariffs and supply chainhigh
Direct imports were 12 % of purchases, and many domestic vendors import components 2. Temporary Section 122 tariffs and any new trade regime could raise costs; it is unclear whether these can be fully passed on in prices.
- Quality of reported marginhigh
Fourth-quarter gross margin included 145 basis points from the one-off tariff refund and 105 basis points from the non-cash LIFO effect 1. Without them, the underlying trend could look different.
- Slowing DIY demandmedium
US same-store sales slowed from 3.3 % for the year to 1.6 % in the fourth quarter 1. A stretched consumer might delay repairs or trade down to cheaper parts.
- Working capital and inventorymedium
Inventory rose 10.1 %, and payables cover 111.1 % of inventory, below the prior level 1. If suppliers tighten terms, financing inventory becomes more expensive.
- Leverage and buybacksmedium
Debt of 9.08 bn USD and buybacks of 2.0 bn USD in a year leave less flexibility if profit declines 1.
- Currency and execution risk in Mexico and Brazilmedium
Reported international comps were 13.5 % for the year but only 2.2 % at constant currency 1. Exchange rates can reverse, and Brazil remains a small-sample market.
Investment thesis
What would need to be true (bull case)
- Commercial growth stays near 10 % and Mega Hubs win share 12.
- Vehicles stay old, and repair demand holds up even in a weak economic cycle 3.
- Gross margin settles at a stable level once one-off effects (tariff refund, LIFO) fade.
- Mexico and Brazil reach positive same-store sales at constant currency, on top of store openings 1.
What would break the thesis
What to watch
- US same-store sales and commercial growth in the first quarter of fiscal 2027Q1 fiscal 2027, December 2026
- Gross margin excluding one-offs (tariff refund, LIFO)Q1 fiscal 2027
- Tariff developments after the Section 122 tariffs expire2026–2027
- International same-store sales at constant currencyQ1 and Q2 fiscal 2027
- Inventory per store and the payables-to-inventory ratioQ1 fiscal 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 26 Oct 2026 · Model: claude-sonnet-5-5.
The business
The company sells replacement parts, consumables and accessories for cars, light trucks and SUVs, both to do-it-yourself (DIY) customers and to professional repair shops (the commercial segment). Fiscal 2026 ended on 29 August 2026 with net sales of 20.3 bn USD, up 7.4 % 1.
The model rests on availability: a typical store carries tens of thousands of parts, and the Hub and Mega Hub network (172 Mega Hubs at fiscal year end, 39 added in a year) quickly brings rarer parts to nearby stores 2. Operating profit was 3.72 bn USD and net income 2.57 bn USD 1.
The company does not disclose the commercial share of sales and names no competitors in its annual report, only categories (national and regional chains, online stores, distributors) 2.
Segments
US, DIY
US stores (6,863 at year end) mainly serve customers who repair their own cars. US same-store sales rose 3.3 % in fiscal 2026 but only 1.6 % in the fourth quarter, so momentum cooled 1.
US, commercial
The commercial program operates in 6,443 US stores 2. Commercial sales were 5.76 bn USD, up 10.6 % in fiscal 2026 and 8.6 % in the fourth quarter 1. This is the growth engine the company is pushing through Mega Hubs and broader inventory.
Mexico
With 1,001 stores, Mexico is the second-largest market. The company opened 118 new Mexican stores in fiscal 2026 1.
Market context
Parts demand is less cyclical than new-car demand: an old vehicle tends to be repaired rather than replaced. The average age of light vehicles in the US reached 12.8 years in 2025, up from the previous year 3. The company picks store sites by the number of vehicles at least 7 years old, which are generally out of warranty 2.
The market is fragmented across national chains, distributors, online stores and repair shops. The commercial segment is more competitive because shops demand fast delivery and broad coverage, and growing it requires inventory investment: AutoZone's inventory rose 10.1 % to 7.74 bn USD 1.
Trends
- An aging vehicle fleettailwind
The 12.8-year average age in the US supports demand for maintenance and repair 3. The effect could weaken if new cars become much more affordable or if people drive less.
- Shift toward the commercial segmentmixed
Commercial sales grew 10.6 % in fiscal 2026, well above US same-store sales 1. The segment needs heavier inventory and logistics, which weighs on working capital.
- Tariffs and refundsmixed
The Supreme Court struck down the IEEPA tariffs in February 2026, and the administration then imposed temporary tariffs under Section 122 for 150 days 2. Fourth-quarter gross margin (53.3 %) included a one-off 145 basis-point boost from the tariff refund, so it is not a clean level 1.
- Expansion in Mexico and Brazilmixed
The company opened 374 stores in fiscal 2026, 138 of them in Mexico and Brazil 1. International same-store sales at constant currency were only 1.3 % in the fourth quarter, even though the reported figure was far higher because of exchange rates 1.
- Costs and marginheadwind
Annual gross margin fell to 52.3 %, and operating expenses rose as a share of sales 1. Investment in the network and in inventory weighs on near-term profitability.
Competitive position
AutoZone competes with national and regional chains, distributors, online stores and repair shops that source their own parts 2. Its strengths are scale, network density and parts availability through Hubs and Mega Hubs (80,000–110,000 SKUs in a Mega Hub) 2. Its historical weakness is a smaller commercial share than some rivals, although the gap is narrowing.
- O'Reilly AutomotiveORLY
The direct rival, with a longer-standing balance between commercial and DIY customers.
- Advance Auto PartsAAP
National chain undergoing a restructuring; may lose or gain share depending on execution.
- Genuine Parts (NAPA)GPC
Strong distributor in the professional segment through the NAPA network.
- AmazonAMZN
Online competitor in standardised parts and consumables.
- WalmartWMT
Sells high-volume auto consumables at aggressive prices.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Here are Tuesday's biggest analyst calls: Nvidia, SpaceX, Apple, Netflix, Kroger, AutoZone & moreCNBC — Top News · 29 Sept 2026 · EN
- AutoZone (AZO) Posts Strong Earnings, But Is the Stock Ready to Rebound?Yahoo Finance — News · 23 Sept 2026 · EN
- Why AutoZone Stock Rallied TodayYahoo Finance — News · 23 Sept 2026 · EN
- AutoZone, Inc. Q4 2026 Earnings Call SummaryYahoo Finance — News · 22 Sept 2026 · EN
- AutoZone ( AZO ) Q4 2026 Earnings Call TranscriptSurge — GDELT DOC · 22 Sept 2026 · RO
- AutoZone (AZO) Q4 2026 Earnings Call TranscriptYahoo Finance — News · 22 Sept 2026 · EN
- AutoZone Expects Growth to Accelerate This Fiscal YearYahoo Finance — News · 22 Sept 2026 · EN
- AutoZone Climbs 6% as Profit Beat Offsets Revenue Miss; Advance Auto Parts Rises 6%, O’Reilly Automotive Gains 4%Yahoo Finance — News · 22 Sept 2026 · EN
- AutoZone Q4 Earnings Call HighlightsYahoo Finance — News · 22 Sept 2026 · EN
- Acțiunile AutoZone au scăzut 31% — pot rezultatele financiare contrazice narațiunea pesimistă? - InvezzSurge — Google News · 22 Sept 2026 · RO
- Workers in New York seek to create first AutoZone union as company resistsThe Guardian World · 18 Sept 2026 · EN
- How Is AutoZone's Stock Performance Compared to Other Auto Parts StocksYahoo Finance — News · 08 Sept 2026 · EN
- AutoZone Stock Outlook: Is Wall Street Bullish or Bearish?Yahoo Finance — News · 28 Aug 2026 · EN
- Should You Avoid AutoZone Stock, Even Near a 52-Week Low?Yahoo Finance — News · 25 Aug 2026 · EN
- AutoZone & Ferrari Slide; Eli Lilly Announces Acquisitions | Stock MoversBloomberg Markets · 26 May 2026 · EN
The latest news item in our archive is from 29 Sept 2026; the newest SEC filing is from 27 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Proxy statement27 Oct 2026
- Annual report26 Oct 2026
- Current report26 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report09 Oct 2026Departure or appointment of officers
- Current report22 Sept 2026Results of operations · Financial statements and exhibits
- Current report14 Jul 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report09 Jul 2026Material agreement · Financial statements and exhibits
- Current report16 Jun 2026Other events · Financial statements and exhibits
- Quarterly report12 Jun 2026
- Current report26 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Comunicat de rezultate, trimestrul IV și anul fiscal 2026 (Form 8-K, anexa 99.1) · SEC / AutoZone · 22 Sept 2026
- [2] Raportul anual Form 10-K, anul fiscal încheiat la 29 august 2026 · SEC / AutoZone · 26 Oct 2026
- [3] Average age of vehicles in the US (analiză 2025) · S&P Global Mobility · 28 May 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.